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Happay, a start-up has introduced a tool that helps most businesses tackle petty expenses on real time.

While almost every business function has been automated today, expense management hasn’t seen much innovation and has remained largely paper-based for a very long time. "Even today, in eight out of 10 organisations, expenses are reported and managed manually, using spreadsheets. A few enterprises have developed in-house softwares or bought softwares to manage business expenses — these are either too cumbersome to use or too expensive for small businesses and enterprises," said Varun Rathi, co-founder of Happay, a business expense management system.

Happay helps firms track expenses in real time using a tool that is integrated with mobile-enabled payments platform with set expense limits. Angel Prime, a seed stage venture capital, has invested half a million dollars so far in the start-up.

Founded by alumni of IIT-Kharagpur, Anshul Rai and Varun Rathi, Happay aims to deal with a pain point, that of expense management. Happay claims it doesn't have any competition in the Indian market. Considering India has over 48 million small and medium-sized enterprises and growing, we have a huge untapped market laid out for us, said Rai. Happay offers this solution as pay-as-you-use model, charging customers Rs 100 per subscriber.

Angel Prime, a seed stage venture capital, has invested half a million dollars so far in the payment start-up.

Amit Somani, Managing Partner, Angel Prime told Business Standard, "We made an investment of upto Rs 3 crore or $0.5 million as seed fund. We will stay invested for 8-10 years."